Hyundai Motor Launches Ioniq 5 Electric Crossover, Expects EV Demand Jump

A Hyundai Motor Ioniq 5 electric vehicle is pictured in this undated handout image. (Handout via Reuters)
A Hyundai Motor Ioniq 5 electric vehicle is pictured in this undated handout image. (Handout via Reuters)
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Hyundai Motor Launches Ioniq 5 Electric Crossover, Expects EV Demand Jump

A Hyundai Motor Ioniq 5 electric vehicle is pictured in this undated handout image. (Handout via Reuters)
A Hyundai Motor Ioniq 5 electric vehicle is pictured in this undated handout image. (Handout via Reuters)

South Korean automaker Hyundai Motor Co launched its Ioniq 5 midsize crossover on Tuesday, the first in a planned family of electric vehicles (EV) that it hopes will propel it into the third rank of global EV makers by 2025.

The company says the model is based on a new electric vehicle-only platform that uses its own battery module technology and requires fewer components than Hyundai’s existing electric cars, enabling faster production at lower cost.

The launch of Ioniq 5 is the linchpin of Hyundai’s long-term goal to capture 10% of global EV sales by 2025, up from a combined market share of 7.2% for Hyundai and Kia together during the January-September period in 2020, according to industry tracker SNE Research. Hyundai Motor and its sister company Kia Corp together aim to sell 1 million EVs in 2025.

“We expect this year’s (global) EV demand will increase more than 30% versus last year,” Hyundai Motor President Chang Jae-hoon told a news conference.

The Ioniq 5 will have a maximum driving range of about 480 kms (298 miles), up nearly 20% from the Kona EV, which previously had the longest range among Hyundai’s EV lineup.

It will offer two battery pack options - 58-kilowatt-hour (kWh) or 72.6 kWh - and will be available in selected regions starting in the first half of 2021, Hyundai said in a statement.

The South Korean automaker did not disclose the price of the Ioniq 5, but Hyundai Motor Europe President Michael Cole said in Europe it would start at about 42,000 euros ($51,100) before government incentives.

Hyundai is targeting sales of 100,000 units globally next year, with about 30%-40% in Europe, 30% in North America and 20% in South Korea.

“Hyundai will be able to increase its presence in the global EV market as it adds a new EV, considering that the company showed solid performance with its major EV Kona Electric,” said Kevin Yoo, an analyst at eBEST Investment & Securities.



OpenAI Wins $200 Mn Contract with US Military

FILE PHOTO: OpenAI logo is seen in this illustration taken May 20, 2024. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
FILE PHOTO: OpenAI logo is seen in this illustration taken May 20, 2024. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
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OpenAI Wins $200 Mn Contract with US Military

FILE PHOTO: OpenAI logo is seen in this illustration taken May 20, 2024. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
FILE PHOTO: OpenAI logo is seen in this illustration taken May 20, 2024. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

The US Department of Defense on Monday awarded OpenAI a $200 million contract to put generative artificial intelligence (AI) to work for the military.

San Francisco-based OpenAI will "develop prototype frontier AI capabilities to address critical national security challenges in both warfighting and enterprise domains," according to the department's posting of awarded contracts.

The program with the defense department is the first partnership under the startup's initiative to put AI to work in governments, according to OpenAI.

OpenAI plans to show how cutting-edge AI can vastly improve administrative operations such as how service members get health care and also cyber defenses, the startup said in a post.

All use of AI for the military will be consistent with OpenAI usage guidelines, according to the startup.

Big tech companies are increasingly pitching their tools to the US military, among them Meta, OpenAI and, more predictably, Palantir, the AI defense company founded by Peter Thiel, the conservative tech billionaire who has played a major role in Silicon Valley's rightward shift.

OpenAI and defense tech startup Anduril Industries late last year announced a partnership to develop and deploy AI solutions "for security missions."

The alliance brings together OpenAI models and Anduril's military tech platform to ramp up defenses against aerial drones and other "unmanned aircraft systems", according to the companies.

"OpenAI builds AI to benefit as many people as possible, and supports US-led efforts to ensure the technology upholds democratic values," OpenAI chief executive Sam Altman said at the time.